OnlyFans’ Parent Company Invests $20 Million in Ethereum Amidst Revenue Surge

The parent company behind the widely recognized subscription platform OnlyFans has made a notable entrance into the world of cryptocurrency investments. Recent financial disclosures from Fenix International, the parent company, reveal that it allocated nearly $20 million toward acquiring Ether (ETH) during the course of 2022.

As per an official filing dated August 24 with the UK corporate registry, Fenix International’s financial reports outlined an investment of approximately $19.9 million in ETH spanning the years 2021 to 2022. However, the investment’s overall valuation underwent a significant decline due to the broader downtrend in cryptocurrency prices throughout the previous year. This resulted in the Ether holdings losing approximately $8.5 million in value by the close of November 2022.

At the end of November 2022, with each ETH valued at $1,295, the company’s Ethereum portfolio stood at $11.4 million.

The investment in cryptocurrency, while initially grappling with market fluctuations, aligns with Fenix International’s impressive growth trajectory. The reported financial data indicates a robust performance in the reporting period culminating on November 30, 2022.

According to the disclosed information, the company’s revenue exhibited a significant 16.6% upswing, surging from $4.8 billion in 2021 to an impressive $5.6 billion in 2022. Additionally, the platform, predominantly associated with adult entertainment content, experienced a notable 47% surge in creators and a commendable 27% increase in total subscribers during the same period.

Interestingly, this foray into the cryptocurrency landscape is not the first engagement by Fenix International and its executives with digital assets. In a preceding instance, the platform extended the opportunity for verified content creators to adopt Ethereum-based non-fungible tokens (NFTs) as profile pictures in February 2022.

Further exemplifying the company’s exploration of blockchain technology, two former executives of OnlyFans unveiled “Zoop,” a novel celebrity trading card platform, in June 2022. This innovative venture, built atop the Ethereum scaling solution Polygon, allowed enthusiasts to engage in the trading of 3D digital collectible cards featuring their favored celebrities.

The unveiling of Fenix International’s ETH holdings coincided with a migration of adult content creators to Friend.tech—a decentralized social media platform situated within the cryptocurrency realm. This migration is driven by the prospect of capitalizing on the newfound excitement within the crypto space.

As the parent company of OnlyFans continues to diversify its holdings and experiment with blockchain-based initiatives, it underscores the expanding intersection between traditional business models and the innovative possibilities presented by digital assets.